South Korean Fintech Firms to File Complaint Against Apple

Photo Credit:  iPhonedigital

Photo Credit: iPhonedigital

Financial technology companies in South Korea are planning to take Apple to court over its plans to block rivals from using near field communication (NFC) for mobile devices. The complaint will be lodged with the Korean Fair Trade Commission and the fintech firms will aim to prove that Apple’s restricting of its programming interface effectively blocks rival firms from using NFC. The firms argue that this creates an unfair advantage with regards to financial services. Apple offers NFC support for its mobile devices, but requires that the feature must be used with Apple Pay, which in turn denies consumers from using NFC or mobile payments for services which do not accept Apple’s format; for example when paying for public transport.